JPMorgan Chase Delivers Over $1 Billion in Community Development Financing
On May 3, JPMorgan Chase delivered a detailed look at the support it provided in 2021 to help drive inclusive economic growth through financing for Community Development Financial Institutions (CDFIs) and New Markets Tax Credit (NMTC) investments. The firm has been working with CDFIs and making NMTC investments for over two decades, and further strengthened its support as part of its $30 Billion Racial Equity Commitment.
Both CDFIs and NMTC investments extend the firm’s reach deep into underserved communities to effect change through support for the development of affordable housing, community facilities and small businesses that contribute to thriving neighborhoods, such as grocery stores, daycare centers, schools and health clinics. This financing also incentivizes and drives funding, helping to create jobs and address important economic and social inequities in under-resourced areas.
Examples of financing for CDFIs includes OFN’s Finance Justice Fund. JPMorgan Chase committed over $20 million in financing to OFN for its Finance Justice Fund to address long-standing disinvestment issues, the racial wealth gap and persistent poverty nationwide. The capital is a composition of senior and subordinated debt and philanthropy, carefully designed to promote catalytic growth with flexibility to help OFN reach CDFIs that support the most underserved communities.
Read the full press release.
Thank you JPMorgan Chase for helping CDFIs finance economic opportunity and justice in the communities they serve!